Market Overview

Tickers

Articles

Keywords

Can Blockchain Help Artists? It's All About Protecting Their Work

Script writers, vloggers, designers, musicians, photographers and other content producers take note: Blockchain-based platforms are about to change the way you manage and monetize creative works. Technology is turning every person into a content creator, discoverer, disseminator and consumer. Internet literature, video clips, live streaming and paid knowledge have emerged as some of the many forms of digital content that we consume.

The counterfeiting of U.S. digital content such as music, film and books costs the U.S. economy over $60 billion per year. But outdated infrastructure, lack of information and bad practices lead to content creators not getting a fair shake. For example, plagiarism, piracy, inadequate data authenticity and other obstacles make it difficult to maintain control over intellectual property (IP). And when it comes to their wallet, creators often struggle to convert their works to cash.

Ink thinks there's a better way, namely the blockchain. The Singapore-based project (creator of the INK token) is building a blockchain-based protocol, platform and IP asset exchange (to be launched in April) where content creators can register works and do business directly, rather than working through a middleman who takes a cut of their revenues. These empower content producers to convert their works into compensation and receive proceeds faster. While public users of the platform can ensure the highest-quality content stands out. As proof of the project's potential, Ink says it will announce key participants and partners in February 2018.

Blockchain's Impact

What's the potential impact of blockchain disruption in the creative industry? The television industry alone employs 3.5 million worldwide, according to Ernst & Young. The movie industry: 2.5 million people. And music: 4 million.

So how can blockchain protect intellectual property?

Ink likes to use technical verbiage that caters to programmers, but the benefits are quite real for the proverbial starving artist. Their solutions include decentralized sovereign consortium blockchains (for local use cases), Qtum public blockchain, an IP asset exchange and cross-chain interoperability. These provide a secure environment where creative talents can conduct IP transactions in exchange for INK tokens.

To further explain:

The sovereign consortium blockchain addresses the different legal frameworks as well as the cultural and geographic differences governing content exchange in various regions. While the Qtum public blockchain combines bitcoin's core infrastructure with ethereum's virtual technology to verify and enforce contracts.

Auction Environment

Moreover, an IP asset exchange serves as a marketplace that lets creators get the best offers (from anywhere in the world) and get paid for their work. And a custom cross-chain protocol allows for the transfer of INK tokens between blockchains. The project recently launched INKstone, a blockchain developer services platform.

Decentralization is a key philosophy in many blockchain ventures, and perhaps the innovation will solve many of the age-old challenges that artists face. Proponents say that better compensation for creative work can spawn a new era of creativity, a modern Renaissance if you will.

Today, people around the world consume an immense amount of content to inform, entertain and distract them, yet for decades the internet has unfairly treated these creators by exploiting their works. For example, a talented vlogger uploads a viral video on YouTube and plagiarized versions quickly spread to other channels, reducing his/her compensation and status. The blockchain can lower the risk of theft and piracy, and ensure that the original creator is paid fairly for their work.

The preceding article is from one of our external contributors.
It does not represent the opinion of Benzinga and has not been edited.